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UTV reports annual net profit of Rs 555 million

28-April-2007
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UTV reports annual net profit of Rs 555 million

UTV Software Communications Limited has reported its results for the year ended March 31, 2007. Consolidated revenue of the company for the year is Rs 2,030 million and net profit is Rs 555 million.

Ronnie Screwvala, CEO, UTV Software Communications Limited, said, “For us, the last fiscal has been the year of restructuring, acquisitions, more consumer-focussed approach towards businesses, and new initiatives in broadcasting and new media. We strengthened our positioning in the domestic and international media space by creating a very good bouquet of movies and gaming businesses, catering not only to India, but to world markets too.”

The company has consolidated the financials of UTV-US, UTV-UK, UTV-Mauritius and Ignition Entertainment Ltd. The Board of Directors has taken on record the unaudited consolidated financial results of UTV Software Communications Limited and its subsidiaries.

Screwvala added, “As part of the restructuring and fund raising process, the Board of Directors decided to list the motion picture business of the company at Alternative Investment Market of the London Stock Exchange. UTV has also formally entered the gaming business this quarter, with the acquisition of Ignition Entertainment having been concluded.”

Speaking on some of the new announcements, Screwvala informed, “Some of the exciting developments announced recently include the launch of our youth brand ‘Bindass’, variety and specialty channels in the broadcasting space, and our third Hollywood co-production with Fox for Hollywood director M Night Shyamalan’s ‘The Happening’. During the quarter, the company took its first steps in Hollywood with the release of two of its co-productions in North America: ‘The Namesake’ and ‘I Think I Love My Wife’. ‘The Namesake’ has had a tremendous opening in Hollywood and has been released in India as well to a very good response.”

UTV proposes to float its 100 per cent subsidiary UTV Motion Picture Plc based in Isle Of Man on London Stock Exchange’s AIM. This company, through its wholly owned subsidiary, will house all movie production businesses of the group, may they be Hindi, regional, Hollywood or animation movies.

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